EasyJet share price was in the limelight on Wednesday after the release of the company’s full-year earnings report. The EZJ stock was among the best performers in the London Stock Exchange, as well as the FTSE 100 index, jumping 9.70%. The stock has staged a strong recovery since the beginning of 2023, climbing 56.29% YTD.

EZJ Has Exceeded Expectations

EasyJet share price has been on a strong rally for the past few weeks despite the gloomy economic outlook. The British airline group was in the spotlight earlier on Wednesday ahead of its 2022 financial report.

EasyJet posted better-than-expected results for the previous year despite facing numerous challenges throughout the period. The stronger results by the company point to a stable recovery by the British multinational low-cost airline.

The airline’s performance in the first quarter exceeded expectations as the yields strengthened. Revenue per seat increased 36% year on year in the period. The firm announced a pretax loss of £133 million in the first quarter. This was lower compared to the previous year’s pretax loss of £213 million in the same period.

The company’s revenue climbed to £1.47 billion in the period, boosted by strong demand, and the outperformance of its Holiday business. According to EasyJet, capacity in the period rose on the back of the recovery of its network along with the introduction of new routes.

EasyJet Share Price Forecast

The daily chart shows that EasyJet share price has been on a strong rally in recent weeks. The stock has remained above the 25-day and 50-day moving averages while its Relative Strength Index (RSI) has ticked higher into the overbought region.

Therefore, with the airline’s confidence, I expect the EZJ stock to nudge higher in the upcoming months. If this happens, the bulls will be eyeing the key resistance level at 600p.